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A t~OL~±~ION AUTHORIZING THE ISSUANCE OF $690,000. DOT.TARS OF BONDS OF <br />THE. CITY OF POR~S~KYJTH, VIRGIN/A, TO BE ENOWN AS GENERAL OBLIGATION <br />BONDS FOR THE PURPOSE OF FUNDING THE ACQUISITION COST OF THE U.S. COAST <br />GUARD BUOY BASE, PO~SMOLKS~, VIRGINIA. <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth to provide <br />funds for the acquisition cost as hereinafter set forth; and <br /> <br /> WHEREAS, there are no funds in the Treasury of the City of Portsmouth <br />applicable to the payment of said acquisition cost, and it is necessary <br />to issue bonds of the City of Portsmouth in the SLUR of Six Hundred <br />Ninety Thousand ($690,000.) Dollars. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ports- <br />mouth, Virginia: <br /> <br /> For the purpose of funding the acquisition cost of the U. S. Coast <br />~uard Buoy Base, Pol~c~Idouth, Virginia, there shall.be issued Six HbEldred <br />Ninety Thousand ($690,000.)Dollars of bonds o~ the City of Portsmouth <br />to be known as General Obligation B~nds pursuant to the provisions of <br />Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amanded, and <br />provision of law applicable thereto. The said bonds shall be serial <br />bonds and shall be issued at one tame and shall be in such form and of <br />such detenuination as the Council shall direct. Each issue shall be <br />payable not eXceeding forty (40) year~ frGn its date, and said bends <br />shall bear interest at a rate or rates to be hereinafter determined by <br />the Council upon the sale-of said bends, providing that the maxJJmau rate <br />of interest shall not exceed the maximum rate of interest authorized by <br />law at the time of the sale of said bonds. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a <br />meeting held January 10, 1978. <br /> <br /> Teste: <br /> <br />City Clerk <br /> <br /> <br />